Two Dutch schemes back real estate fund Altera (NL)

Physiotherapists’ fund SPF and the pension fund of Cindu International in the Netherlands have invested €22m in Altera Vastgoed, the €1bn private real estate fund has said.

Altera said the €1.5bn Pensioenfonds voor Fysiotherapeuten has invested €6.5m in its companies portfolio, taking the total value of the portfolio to €160m.

The €120m pension fund of chemicals company Cindu, which was advised by consultants Towers Perrin, has invested €10m in Altera. This sum is to be spread out over its four portfolios (residential, retail, offices and companies).

In addition, the real estate fund said the pension fund of British American Tobacco had extended its shareholding in Altera to 15%, effective as of December 31 last year.

Altera Vastgoed was founded in 2000. It invests exclusively in real estate in the Netherlands. Altera said it had been selected by SPF and Cindu International via a search on IPE-Quest.

Source: IPE

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